How to Calculate the Impact and Probability of Business Risk

I was recently asked to explain the “Impact Score” in a Strategic Risk evaluation process. This is easy to do with a tool called the Strategic Risk Severity Matrix.

In this post, I’ll walk you through each step of using this tool, along with a practical example to demonstrate how it works.

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Company Culture FAQs Part 3 of 5

In part 3 of the series about Frequently Asked Questions on creating a sustainable Company Culture, we discuss the benefits and downsides of social media.

I’ll also share my secret to finding balance as a business owner.

Watch the recorded video here, or reading bonus-filled content below.

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New Facebook Live Series on Business Vision, Profit Margin, and Niche Markets

LaConte Consulting announces 30-minute live videos to answer FAQs

VANCOUVER, WA, July 19, 2018—Business consultant Grace LaConte is hosting a 5-part series on business topics on the Facebook Live platform.

Each session will include answers to both live and write-in Frequently Asked Questions by business owners.

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What Happened After I Got a Professional Color Consult [Video]

As a business consultant specializing in strategic risk, I discuss all areas where a company can be vulnerable to failing long-term.

One area that I believe affects a lot of business owners—but that we don’t often talk about—is how we present ourselves professionally, which includes the colors we wear.

In this post, I share my story of meeting with a professional color consultant, what I have learned, and why I believe it is a very helpful tool in reducing business risk.

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Why Unconscious Aggression is So Hard to See as a Leader

Can we be aggressive toward someone and not even know it?

I think we can.

Aggression is behavior that is hostile, forceful, or destructive. It comes from the Latin ad- (“to”) and the word gradi (“to step toward something or approach; to attack”).

It is an outward expression of inward anger that can cause incredible harm to others, even if we don’t realize it at first. Sometimes it’s difficult to know what aggression looks like, especially if you’re very comfortable with a highly competitive atmosphere.

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How Do I Make a Weighted SWOT Diagram? [Video]

Today, I’m going to explain how to look for hidden opportunities and risks in your organization using a weighted SWOT analysis. This strategic management tool allows you to calculate your options, which leads to decisions that are risk intelligent.

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Dante’s Inferno From a Strategic Perspective

When you hear the words “Dante” and “Inferno,” your initial thought is probably something like this:

  • Some guy named Dante wrote it a long time ago
  • It’s a book about the levels of hell
  • The Catholic faith has something to do with it
  • There’s something about “comedy,” but not in the traditional sense
  • I might have read the book in high school

Up until recently, that’s pretty much all I knew about this classic work. But what gems of wisdom are hidden in those lyrical texts? I decided to find out.

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Overview of the 5 Types of Strategic Risk

Strategic planning is a fascinating and complicated process. There is no “correct” way to create a strategic plan; every leadership team has a unique definition of where the company is going or how you’ll get there.

While this wide range of options allows for tremendous latitude and flexibility, a company’s planning process can be TOO easygoing. It’s a bit like having a body with all the bones connected (immobilized) and one that has no bones at all (a bowl of jelly). Both extremes — too rigid or too relaxed — make it easier for threats to creep in and destroy what you’ve worked so hard to create.

Most organizations use a Strategic Plan (though certainly not all, in my experience). And most plans define the company’s Vision, Mission, Values, Objectives, and Measures — which I abbreviate as VMVOM.

But while a plan can look great on paper, most strategic plans do not consider strategic risks.

In this post, I’ll review 5 types of risks specific to the strategic planning process, and which one I believe is the most critical to organizational growth.

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Yin and Yang Approaches to Management

Balance is very difficult for leaders. When things go wrong, many of us find it hard to stay calm, cool, and collected.

Leaders are expected to meet objectives, yet also be approachable. To maintain control, but welcome differing opinions. To motivate staff, yet manage ongoing risks.

A few years ago, I was hired as director at a healthcare facility in Minnesota. It was a perfect fit for my experience and training. The leadership team was encouraging, as were the members of my department. And I really loved being in a long-term care environment.

But despite all the support, I found myself increasingly stressed and anxious. The problem wasn’t just the high-pressure environment; instead, it was a battle happening in my mind. As an introvert, I do my best work in periods of silence and reflection. My information-gathering process is intuitive, because I rely on connections between things that are not obvious to others. Rather than following a specific pathway, I look for hidden clues and investigate the root causes of problems. My process may be unconventional, but it gets results.

Unfortunately, executive roles typically do not welcome an intuitive thinking process. And this clash — between my natural temperament, and a system that rewards fast and decisive action — resulted in a very high-stress environment.

I wondered:

Why was it so difficult for intuitive leaders to fit the mold of traditional corporate thinking?

and

Is it possible to find a balanced leadership style?

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